Category: Tax Planning & Compliance

Dear Subscriber: As the end of the year approaches, it is a good time to think of tax planning moves that will help lower your tax bill for this year and possibly future years. Some expiring tax breaks will likely be extended, but perhaps not all, and as in the...

Dear Subscriber: This Practice Alert highlights the opportunities and challenges that affect year-end planning for 2016 and includes a checklist of actions that can cut taxes in this year and the years to come. Take a look and give us a call. We look forward to lowering your tax burden...

Other Posts in this Series IRS Revenue Regulations Revenue Rulings and Procedures Private Letter Rulings Technical Advice Memoranda There are circumstances in which the IRS must take quick action to provide taxpayer guidance that would otherwise take the form of a regulation, revenue ruling or procedure. Notices and Announcements provide...

Other Posts in this Series IRS Revenue Regulations Revenue Rulings and Procedures Technical Advice Memoranda A private letter ruling (PLR) is a written statement of the IRS which interprets the tax laws in response to a taxpayer's request, usually to confirm that a specific tax strategy will be not be...

Other Posts in this Series IRS Revenue Regulations Revenue Rulings and Procedures Private Letter Rulings Notices and Announcements Like a Private Letter Ruling (PLR), a Technical Advice Memorandum (TAM) is the IRS' written interpretation of a tax law as it relates to the specific circumstances of a specific taxpayer. However,...

Other Posts in this Series Revenue Rulings and Procedures Private Letter Rulings Technical Advice Memoranda Notices and Announcements Federal Tax Regulations, also known as Treasury Regulations, are the U.S. Department of the Treasury's official interpretation of the Internal Revenue Code. Regulations are not technically laws, but they do carry significant...

Other Posts in this Series IRS Revenue Regulations Private Letter Rulings Technical Advice Memoranda Notices and Announcements The purpose of revenue rulings and procedures is to ensure that Internal Revenue Service employees correctly and uniformly apply the tax laws and help taxpayers with their voluntary tax compliance. In essence, revenue...

Most people are victims of theft at some point in their lives. To help mitigate the financial devastation this often entails, the IRS permits taxpayers to take theft loss deductions on their tax returns. Under 26 U.S. Code 165(e), tax deductions can be claimed for losses connected with a theft....